Silver extended a rebound on gold prices rally amid data releases and Fed.
The silver futures contract gained 1.45% on Wednesday, July 31, as it extended its Tuesday’s advance of 2.4% on a record-breaking rally in gold following economic data and the Fed Rate Decision. It reached $29 level, retracing some of its recent declines. Last Thursday, silver lost 4.6%, accelerating its sell-off amid a rout in gold prices. Recently, it has been fluctuating along the $29 level, and on Thursday, its daily low was at $27.56. In early July, it was rebounding from the $32 level despite a rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading near the $29 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.0% lower and palladium is 0.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +122,000. The FOMC Statement release led to advance in gold prices. Today, we will get the Unemployment Claims number at 8:30 a.m. and the ISM Manufacturing PMI at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 1
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Wards Total Vehicle Sales
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
Paul Rejczak
Stock Trading Strategist